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Transfering money back home and taxes

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AAovieAAan:
Hi,

I have a few more questions. As per my contract I am required to pay my own taxes. Could someone tell what this entails or how it is done in China. Also, as an American citizen I am aware that I may be taxed by the US upon returning home. Does this mean I will be taxed by both countries, or is there some kind of agreement where if I am taxed by one country the other will not tax me as well.

The next question I have is regarding how to bank in both the US and China with their respective currencies. I have some debts that I will need to continue making payments on in the US in US dollars. Is there a simple way to exchange and transfer my money so that it can be applied to those while in China.

I am roughly a month away from my arrival to China and I am very excited. Thanks for help in answering my questions as I prepare to leave.

AAovieAAan

Aussie Mike:
The quickest and easiest way to get money to another country is by Telegraphic Transfer.

The limitations are that you can only tranfer US$5000, equivilent in any currency, per day and if you send $ or Euro as cash, it's soooooooo expensive.

Taxation has just changed again as I have heard, however, rule of thumb based on old amounts
No tax for income up to 5,000 - New amount I hear is 3,500

5,000-10,000 was taxable at 5%
10,000 up to next level was 15%

As for native country taxation, most will tax you, however, there are many deductions.
I can introduce you to an accountant in Hefei who has good English and reputation.

kloke:
Any more options then the ones you mentions here?
I am considering doing a bank to bank transfer from Bank of China to my country in Euro, do any of you know how much this will cost me?

Cheers

jon.smith:
Might be a little too late to throw in my 50p's worth here but anyway!
Whenever i send money back home i just use paypal, they take a small fee but if you're doing it regularly i.e. once a month like me it makes your life much less hassle free. As trying to arrange a standard international bank transfer here in china is an absolute pain in the ass i felt, so much was required in terms of proof of my earnings, where it all came from, had tax been paid if so can you prove it etc.. and a lot of form filling and sitting around in the bank whilst numerous pieces of paper get stamped over and over again!

I bank with ICBC here and have a little card a bit like a credit card with a table of numbers on (most people are familiar with the USB shield banks offer) that allows me to do my online shopping. FYI when you open your bank account when you arrive here just make sure you tick the box on the form that says sign up for online payments too, much much easier!

Best of luck anyway!

x0vash0x:
PayPal has been the far easiest option for me. Open an account in China and link it to Chinese Bank. Open an account in your home country and link it to Home Bank. Presto! Unlimited transfers from the comfort of your own home! No wasting time at the bank. No going out on cold days or dealing with the random bureaucracy that are Chinese banks.

I believe the percentage is around 3 percent of the money you transfer, which I personally find very reasonably.

As for online shopping, I know Amazon accepts UnionPay. But, for transferring money and other online banking I was given a USB-Sheild from ICBC
http://www.icbc.com.cn/icbc/html/e_guanggao/udun/udun_e.html

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